Bank holding companies' sales of insurance products were up 9.6 percent year-over-year in the first quarter, Michael White reports.
Bank holding companies sold $3.32 billion worth of insurance in the first quarter. Some 60.2 percent of such companies sell insurance.
The bulk of insurance bank holding companies sell falls under the category of property and casualty, according to Michael White, the study's author and president of Michael White Associates in Radnor, Pa. An important caveat for advisors: The figures include life insurance sales, although these are "not all that great," but don't include annuities, which means bank reps' contribution to the total is minimal at best. However, the results should be encouraging to advisors engaged in their clients' total financial plan, White points out. The figures also include group life and health insurance sold through employers and a "modicum" of credit insurance.